O3 Labs, the Japan-based developer of the O3 Wallet for the NEO and Ontology blockchains, has announced that its fiat gateway has gone live. Users can now purchase NEO directly with a Visa or MasterCard credit card through the O3 Wallet without going through an exchange.

Credit Card Purchases

The addition of credit card purchases to the O3 wallet is “phase 1” of O3 Wallet’s fiat integration. The team reports that legal and regulatory hurdles, which have postponed the feature in the past, are now sorted out.

Users who want to purchase NEO with their credit card can buy a minimum of $50 and a maximum of $20,000 worth of NEO. KYC is required to use the feature, which uses Simplex as a payment processor.

Phase 2

O3 Labs notes that “credit card payments often come with high risk for the companies handling them, resulting in higher fees.” At press time, fees for the service exceeded 10 percent. “Phase 2” of the O3 fiat gateway aims to provide lower fees, and will be released “step by step and per region” in the future to fully comply with regulations.

O3 Labs’ full announcement can be read at the following link:
https://medium.com/o3-labs/o3-fiat-gateway-phase-1-dce4eee6ff71